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Article: Shocking; Oil prices.

Article from:
The Economist (US)
Article date:
March 27, 2004
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Oil prices are not as high as they look, nor yet a big threat to economic growth

CRUDE oil prices topped $38 a barrel last week, their highest since October 1990. They have since slipped back slightly, but prices at America's petrol pumps are now at their highest ever. This has prompted some economists to start fretting about rising inflation or even a sharp slowdown in growth. They should relax--at least for the moment.

This is not because oil no longer matters. Economies still rely on it. The world may use less oil per dollar of real GDP than before, but a big increase in prices would nevertheless harm oil-importing economies.

So far, ...

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